SA’s first formal Black Friday Index reveals that Black Friday to Cyber Monday remains the most powerful retail window of the year, accounting for 10.3% of total holiday transactions, with a 30.4% surge in online sales.
The index, compiled by independent technology research house World Wide Worx on behalf of Ecentric Payment Systems, is based on analysis of data from retail transactions flowing through the Ecentric payment gateway.
Ecentric processes 20% of SA’s card transactions and serves as a payments partner to 65% of JSE-listed retailers.
The index measures transaction volume and value generated from Black Friday to Cyber Monday as a proportion of total holiday retail.
Payment data analysed excludes that of the grocery sector.
In-store commerce resurgence
The research shows that while e-commerce still leads the charge, in-store commerce is making a comeback.
In-store revenue as a proportion of total revenue saw a 109.4% surge, doubling from 5.3% to 11.1% of total holiday revenue.
The research also shows that compared to the full holiday period from the beginning of November to Christmas Eve, Black Friday to Cyber Monday remains the clear peak shopping window, with significantly higher transaction and revenue growth than the rest of the season.
Rory Bosman, chief sales and marketing officer at Ecentric, says: “The index makes it clear that the Black Friday weekend stands out from the full holiday shopping period, which runs from the beginning of November to Christmas Eve, in both sales volume and growth. The latest data confirms that retailers who capitalised on this peak moment saw the biggest gains, with online and in-store revenue outperforming the rest of the holiday season.”
Dramatic shift in shopping
Ecentric says there has been a dramatic shift in the holiday shopping period: in 2023, the Black Friday to Cyber Monday period reflected a small upward bump in transaction volume, while the biggest shopping days came a week later.
“This is different in 2024,” says Bosman. “The Black Friday to Cyber Monday period saw a massive leap in transaction volume compared to a slightly above-average level a week later.”
Bosman adds there are several important lessons for retailers.
The first is that e-commerce is more important than ever. “Retailers seeking to make the most of Black Friday need to prioritise seamless digital experiences, mobile optimisation and exclusive deals,” he says.
Importantly, the 2024 Black Friday Index proved that in-store retail is enjoying a strong revival.
Bosman says the retailers that benefit the most will be those that invest in immersive experiences such as interactive shopping, festive atmospheres and high-value promotions to attract shoppers.
He adds that consumers demonstrated they respond well to positive in-store experiences. Technology such as augmented and virtual reality could play a pivotal role here.
Omnichannel integration is non-negotiable, says Bosman. “The insights gained from the index tell us that online and in-store integration must be seamless, from inventory to promotions. The retailers that do the best are those that blend online and in-store efforts with consistent messaging, and, importantly, seamless experiences.”
Bosman adds that data-driven personalisation holds immense potential for retailers looking to differentiate. “AI-powered recommendations and targeted deals will set leaders apart. It is vital, in 2025 and beyond, that retailers use data for targeted promotions and flexible fulfilment options.”
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